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By Chiamaka Ajeamo
The Lagos State Governor, Babajide Sanwo-Olu has charged insurers to design insurance products and services that specifically suit the needs of Micro, Small and Medium Enterprises (MSMEs) operators.
Sanwo-Olu made the call at a sensitisation workshop on insurance for MSMEs organised by the National Insurance Commission (NAICOM) in Lagos.
The governor, who was represented by the State Commissioner of Finance, Rabiu Olowo, stressed the need for underwriters to create MSMEs friendly, affordable and accessible products that are free from technicalities to help grow their businesses.
While commending NAICOM for organising the workshop, he implored all MSMEs entrepreneurs to adopt insurance as an instrument of protection given the challenges associated with their businesses.
In his welcome address, the Commissioner of Insurance, Sunday Thomas, stated that the importance of MSMEs to national development cannot be overstated, for it is indeed the fulcrum of a nation’s growth and development.
Thomas added that in the country all development interventions of the current administration have had components focused on enabling these MSMEs sprout and flourish but unfortunately, with little or no insurance content to deal with associated risks and ensure sustainability and guarding them against failure.
He said, “The NAICOM is committed to our mandate of providing diligent oversight to the insurance sector towards ensuring prompt settlement of genuine claims when an insured event occurs.
“I dare say that the MSMEs sector is too important to be neglected as it is key to economic development of the nation and thus must be guided and protected against failure. The encouraging responses validate that the products meet a critical need also that the appetite for players in the MSMEs sector to succeed sustainably is high.”
For his part, the Chairman, Nigeria Insurers Association (NIA) Ganiyu Musa assured the insurance industry’s readiness to work with the MSMEs.
Musa, who was represented by the Director-General NIA, Yetunde Ilori urged MSMES to embrace insurance adding that “the era of it is never my portion is over.
We are ready to work with you. I am happy that Lagos State Government has given us a platform to work on”, he said.
